About Us

The Origins of Co-operatives and Credit Unions

The story of co-operatives and credit unions began in Rochdale, England on December 21, 1844. The first co-operative, in Toad Lane, was created to supply wholesome, unadulterated food at reasonable prices to society members. Their success was based on their principles, which included: "one member, one vote; equality of men and women amongst membership; only pure provisions should be sold, in full weight and measure; and the allocation of a 'divi' (dividend) to members," guaranteeing that all profits were divided pro rata depending on the amount of purchases made by individual members. Although shorter, the roots of the Seven International Co-operative Principles are clearly found in these first statements.

From Rochdale, the co-operative idea spread throughout Europe and eventually came to North America, when Alphonse Desjardins opened the first credit society - the forerunner to the modern credit union – in 1900 in Levis, Quebec.

Credit Unions in Manitoba

The first credit union in Manitoba was organized in 1937 by Father Arthur Benoit in the French farming community of St. Malo. Its citizens, like most farmers on the continent, were suffering during the Great Depression. Father Benoit brought them together to help each other financially.

Following their example and the co-operative principles, people throughout Manitoba, drawn together through common ethnic, religious, professional or geographical affiliations, began founding credit unions in ever-increasing numbers. By 1939 there were 19 credit unions in Manitoba, with combined assets of $49,990 and 2,406 members.

The five credit unions that came together to form Access Credit Union in 2009 and 2010 — and their parent organizations that go back to the earliest days of the provincial movement — share similar stories.

The five Access credit unions

Altona Credit Union was organized on February 24, 1939. At that first meeting 19 members signed up and paid $23.25 in membership fees and subscriptions. Added to this initial 25 cents was a promise by the initial members to deposit another 25 cents per month towards the purchase of a $5.00 share. The Rhineland Consumers Co-operative was the first location of the Credit Union from 1939-1944. From 1944-1951 the Credit Union occupied the rear part of the upper level of the Co-op Store on Main Street in Altona. In 1951 the organization had grown and was in its own building on 4th Ave. and remained there until 1961 when a new building was constructed 1/2 block east on the corner of 4th Ave. and 2nd St. NE.

The credit union continued to grow and in May of 1993 again moved into newly constructed premises located at 129 3rd Ave NE, the location it currently occupies.

Branches were added while buildings were changing in Altona. Halbstadt merged with Altona in 1969 and operated as a branch until the Spring of 2000 when the branch was closed and existing accounts moved to Altona or Emerson. Emerson became a branch office in October of 1973. Assets grew from the initial $23.25 to $2.4 million by 1964 — one of the larger credit unions at that time — by 1989 stood at $65 million.

A Certificate of Registration was first issued by the Provinces of Manitoba to 10 charter members on August 1, 1961 to form Dufferin Credit Union. The credit union operated out of a house for a brief period and in various rented premises for several years. In 1964, Graysville Credit Union merged with Dufferin Credit Union. In 1970, a building was built to house the credit union on 1st Avenue S.E. However, rapid growth necessitated construction of a new facility and a move across the street in April, 1978 to its current facility.

Heartland Credit Union opened its doors for business on January 2nd, 2002 with branches in Gretna, Plum Coulee and Winkler. Each of the three credit unions that formed Heartland have rich and interesting histories.

Gretna Credit Union received its charter in 1943 but had only 10 members for its first decade in business! Once a new building was erected on 7th Street in 1954, though, membership grew to 1200 and assets to $1.3 Million.

Plum Coulee Credit Union received its charter in 1942. The credit union was first located in Ernie’s Café. The building moved several times before building its current location.

The oldest of the three, Winkler Credit Union received its charter in 1940. At the end of its first year, total assets were just over $1,000 with 194 Members. After outgrowing the building at the intersection of Main and Stanley, the credit union built its current building at Main and Mountain.

Back in 1947, when Morden was just 65 years old, a group of forward-thinking citizens saw the need for an alternative financial institution and formed a credit union. Over the years, Agassiz Credit Union became one of the community’s longest serving businesses and a key employer in the region. In 2001, Valley Credit Union — formerly Morris CU (1947) and Dominion City CU (1964) — amalgamated with Morden CU to form Agassiz Credit Union. Previous to that, Morden CU had amalgamated with the credit unions in Manitou and Miami.

On June 10th, 1938 a meeting was called to consider the possibility of organizing a co-operative bank in Lowe Farm. Thirteen people attended the meeting and a decision was made to form a group to further investigate the working of a credit union. After thorough discussion and much discussion the group decided to apply for a credit union charter. The charter was granted on June 28th, 1938 and by December of that year the newly formed society boasted 25 members. By the beginning of 1939 enough money had been received as share capital to enable the Credit Union to grant small loans to members. A loan was limited to $10.00 and had to be repaid in one month.

Technology became a reality in 1950 when the executive considered buying an electric adding machine from D.W.Friesens for $355.00 and in April of 1953 a motion was made that a phone be installed in the Credit Union.

Many things have changed in the last 71 years but the credit union continues to grow and continues its’ solid history of being a good corporate citizen.